Amway India is expecting its consumer durables business to contribute around 12 percent to the company’s overall turnover in the next two to three years as the direct selling firm carrying portfolio expansion plans in the segment, a top company official has said.
Amway India, as part of expansion of its product portfolio, also announced foray into emerging home air purifier segment and aims to clock sales of around Rs 100 crore in the next 12 to 18 months.
Besides, the company is planning to enter the water purifier segment and working on the project.
“Currently, the entire category of durables is around 7 percent of the total sales and globally this category is around 12 percent. Our goal in India is to have around 12-13 percent and we hope that this new launch of airfurifier would be helpful to achieve those goals,” Amway India CEO Anshu Budhraja told PTI.
On the timeline to achieve the target, he said:” I am expecting this to happen in next 2-3 years.”
Amway India presently has sales of around Rs 1,900 crore, Budhraja added.
“Globally, we have line of water purifier also but this is our preliminary assessment,” he said.
“Yes. We are looking at all the competencies, which we have globally,” Budhraja said adding the company would customise it as per the local consumer needs and insights available.
The company had introduced its cookware range in 2017 and is now a Rs 100 crore and above brand. It has also introduced car air purifier and now coming with residential air purifiers.
“Now in October, we are coming with residential air purifiers,” he said adding that “goal is to capture 20 percent market share”.
Designed in the USA, Atmosphere Mini is a portable and compact residential air purifier unit. It has Internet of Things (IoT) enabled feature and could be connected through a companion app – Atmosphere Connect.
The air purifier market in India stood at Rs 312 crore in 2018 and is expected to register a CAGR of over 24 percent over the forecast period 2018-2023.
The market size of the air purifier industry is estimated to reach Rs 896 crore by 2023, said Amway in a statement.
Amway India is a wholly-owned subsidiary of Michigan-US based Amway and operates in segments as nutrition, Beauty, Personal Care, Home Care and Consumer durables.―Money Control